Stamp Duty Land Tax Fees for conveyancing slashed from today

From 4th December 2014 homebuyers will be pleased to hear that there have been significant changes made to the rate of stamp duty that has to be paid on a property. The reality of this is that the costs of moving house will be reduced for 98% of people.

Now stamp duty will only be payable on the portion of the property value which falls within each band (rather than tax being due at one rate on the entire value).

Under the old system a house being purchased for £185,000 would attract 1% stamp duty to be paid on the full amount i.e. £1,850.00. However under the new regime a purchaser will not have to pay anything on the first £125,000 and will pay 2% on the remaining £60,000. This works out at £1,200, a saving of £650. As you can see there is a substantial amount of money that will be saved!

Here is the SDLT calculator link for you to find out how much you will save: